Latest figures have shown that the
financial services sector on
Jersey grew by 12 per cent last year.
The
Jersey Evening Post reports that a survey of
financial institutions estimates that the industry on the island had a total profit of £1.46 billion in 2007.
After inflation is taken into consideration, this represents "real-term growth" of nine per cent year-on-year.
Included in the survey were the activities of banks, fund managers, accountancy firm and trust of company administrators.
Banks alone are reported to have accounted for more than four-fifths of the total, with a 13 per cent increase in profits compared to 2006's figures.
Gary Drinkwater, the new president of the
Jersey branch of the Institute of Directors, recently told the Evening Post that the island should use its "rainy-day funds" for long-term investments in businesses which could provide "revenue for the future".
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